Bengaluru Joint Commissioner of Police Sandeep Patil confirmed today that the Karnataka police had seized Bitcoin worth nine crore INR ($1.23 million) from an arrested hacker with the surname Srikrishna who used the alias “Shreeki.”
The police arrested the hacker for breaking into a government website but discovered his Bitcoin hacks during an investigation.
Indian authorities arrested Srikrishna on Nov. 18 for the alleged hacking of government portals. Patil said that police discovered that Shreeki had hacked 3 Bitcoin exchanges and ten poker sites to steal more than 30 Bitcoin during the investigation.
The hacker used malware to target government websites, and he also hacked online gaming portals and other websites to win money and crypto assets online. Srikrishna confessed to hacking the e-procurement website of the Karnataka government as far back as 2019.
According to Kamal Pant, Commissioner of Police, Shreeki lived in the Netherlands from 2014 to 2017.
A significant rise in hacking activities is mainly due to a hike in cryptocurrency prices. In December 2020, the bitcoin price started to surge, and it crossed the $ 20,000. The surge continued till this month as bitcoin price crossed the $ 40,000 for the first time. In the past 24 hours, bitcoin has seen the lows of $32,636.
The cryptocurrency market cap jumped above $1 trillion earlier this month. The value of the world’s largest cryptocurrency, Bitcoin, currently stands at around $37,293729.
Shivam Thakral, CEO of BuyUcoin said that when the bitcoin price surged in December 2020, people were afraid of missing out on the lucrative returns bitcoin was giving.
There emerged considerable demand from institutional and retail investors across the globe, leading to a massive surge in the bitcoin price.
Bengaluru police are investigating the matter to check if there are other hackers associated with such incidents.
Microsoft released a report last year and noted that Indian users have a relatively higher chance of facing a crypto attack. India has suffered several hacks in the past related to crypto-assets.
Microsoft’s report said that India had recorded a cryptocurrency mining encounter rate that was 4.6 times higher and drive-by download attack volume that was three times higher than the regional and global average.
India was the seventh-highest malware encounter rate across the region, at 5.89 percent in the past year. According to the report, India recorded the third-highest ransomware encounter rate across the zone too.